On June 6, the European Central Bank cut interest rates for the first time in about five years and took the lead ahead of the Federal Reserve and Bank of England in lowering borrowing costs after experiencing the largest price hike in a generation. The Central Bank said it would continue to adopt a 'data-dependent, meeting-to-meeting' approach to policy decisions. Governor Lagarde will announce the decision at a press conference at a later date. Last month, she said she was 'very sure' that inflation in the euro area was under control. The day before the Central Bank's rate cut, the Bank of Canada made a similar cut. In contrast, the Fed is expected to keep interest rates high next week, as price pressures in the world's largest economy have proven to be more persistent than expected. It is also believed that when the Central Bank met in June, the likelihood of the bank lowering interest rates from the highest level in 16 years was low.